THE SAN FRANCISCO HOUSING ACCELERATOR FUND

THE FUND CELEBRATED THE CLOSING OF ITS 50TH LOAN, THE MAJORITY OF WHICH ARE THROUGH ITS PRESERVATION OF EXISTING PROPERTIES PROGRAM, ENABLING THE REHABILITATION AND PRESERVATION OF AFFORDABLE HOUSING UNITS. AS OF 06/30/24, HAF HAS FINANCED OVER 2,600 HOMES. THESE EFFORTS SUPPORTED DIVERSE HOUSING TYPES, INCLUDING SMALL AND LARGE SITES, SROS, HOTELS, TRANSITIONAL HOUSING FOR YOUTH EXITING THE FOSTER CARE SYSTEM, AND COOPERATED LIVING SPACES FOR INDIVIDUALS WITH CHRONIC MENTAL ILLNESSES OR SUBSTANCE USE DISORDERS. CONTINUING ITS EFFORTS TO EXPAND THROUGHOUT THE GREATER SAN FRANCISCO BAY AREA, OUR TEAM WORKED WITH THE CITY OF OAKLAND TO DESIGN AN OAKLAND-BASED LENDING PROGRAM THAT BUILDS UPON THE SUCCESSES OF HAF'S MODEL FOR PRESERVATION LENDING IN SAN FRANCISCO. THE CITY OF OAKLAND HAS COMMITTED $10 MILLION TOWARDS THE CREATION OF THIS LOAN FUND; THIS INVESTMENT WILL BE LEVERAGED WITH HAF'S OWN BALANCE SHEET CAPITAL TO OPTIMIZE THE FUND'S IMPACT. WE ARE GRATEFUL FOR THE SUPPORT OF OUR OAKLAND PARTNERS AND LOOK FORWARD TO LAUNCHING AND LENDING UNDER THIS PROGRAM IN THE COMING YEAR. THROUGH ITS NEW CONSTRUCTION PROGRAM, THE FUND PARTNERED WITH NONPROFIT DEVELOPERS TO ADD OVER 360 NEW AFFORDABLE HOUSING UNITS TO THE REGION, SERVING A RANGE OF RESIDENTS FROM LOW- TO MIDDLE-INCOME HOUSEHOLDS TO THOSE AT RISK OF HOMELESSNESS. NOTABLY, THE FUND FINANCED 1633 VALENCIA, A 145-UNIT PERMANENT SUPPORTIVE HOUSING PROJECT, AS THE INAUGURAL PROJECT OF THE NEWLY LAUNCHED BAY AREA HOUSING INNOVATION FUND (BAHIF). THIS $50 MILLION PILOT INITIATIVE, CREATED WITH PARTNERS SOBRATO PHILANTHROPIES, DESTINATION: HOME, APPLE, AND HAF, AIMS TO DELIVER DEEPLY AFFORDABLE HOMES FASTER AND MORE EFFICIENTLY.THE FUND LAUNCHED THE INDUSTRIALIZED CONSTRUCTION CATALYST FUND (ICCF), A PROGRAM DESIGNED TO PROVIDE QUICK AND AFFORDABLE PREDEVELOPMENT LOANS FOR MODULAR CONSTRUCTION PROJECTS. BACKED BY A $3 MILLION GRANT FROM THE CHAN ZUCKERBERG INITIATIVE, THE ICCF AIMS TO SUPPORT THE DEVELOPMENT OF UP TO 1,200 AFFORDABLE UNITS OVER THE NEXT DECADE. ADDITIONALLY, THE FUND SECURED RENEWED AND EXPANDED CAPITAL COMMITMENTS FROM KEY PARTNERS, STRENGTHENING ITS ABILITY TO INNOVATE AND SCALE ITS LENDING PROGRAMS.